February 2, 2018 / 4:51 AM / 9 months ago

METALS-Shanghai nickel ends rollercoaster week on a high

 (Adds data, updates prices)
    BEIJING, Feb 2 (Reuters) - Shanghai nickel rose on Friday to
end a rollercoaster week on a high, as investors took up new
long positions in the metal, which is used to make stainless
steel, and as inventories fell.
    Deliverable nickel inventories on the Shanghai Futures
Exchange (ShFE) fell by 548 tonnes from a week ago to 56,194
tonnes on Friday, according to ShFE data. 
    Long positions among brokerages on Shanghai's most traded
May nickel contract meanwhile increased by 6,853 lots after
falling by 4,177 lots on Thursday. 
    "Given the move lower was driven by long liquidation, it
would certainly appear that some of this length has been
re-established," brokerage Marex Spectron said in a note.
        
    FUNDAMENTALS
    * NICKEL: The May contract on the ShFE closed up
2.1 percent at 104,530 yuan ($16,655.51 )a tonne for a weekly
climb of 0.4 percent. In London, however, nickel lost part of
its Thursday gains, dipping 0.6 percent to $13,922 a tonne.
    * COPPER: Shanghai's most-traded March copper contract
 ended up 0.7 percent at 53,520 yuan a tonne, while
three-month copper on the London Metal Exchange was up
0.8 percent at $7,177.50 a tonne at 0734 GMT.
    * LEAD: LME lead touched a fresh 6-1/2-year high of
$2,685 a tonne on concerns over tight inventories, a harsh North
American winter and an environmental crackdown in China,

    * DRC: Glencore on Thursday said copper output in
2018 should rise to nearly 1.5 million tonnes as its Katanga
mine in Democratic Republic of Congo ramps up to add roughly
150,000 tonnes, as well as 11,600 tonnes of cobalt.
    * BAUXITE: Guinean bauxite mining company La Guineenne des
Mines shipped the first ore from its project in the western Boke
region on Thursday and will target exports of 2 to 4 million
tonnes this year, its chief executive said.        
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    MARKETS NEWS    
    * The euro neared multi-year peaks on Friday as talk of
policy tightening in Europe and expectations that inflation is
set to gear up boosted borrowing costs globally, a move that
sparked a sell-off in Asian equities.   
        
        PRICES
    
 BASE METALS PRICES                       0745 GMT
 Three month LME copper                     7179.5
 Most active ShFE copper                     53510
 Three month LME aluminium                  2233.5
 Most active ShFE aluminium                  14390
 Three month LME zinc                       3553.5
 Most active ShFE zinc                       26850
 Three month LME lead                         2684
 Most active ShFE lead                       19655
 Three month LME nickel                      13885
 Most active ShFE nickel                    104520
 Three month LME tin                         21545
 Most active ShFE tin                       148690
                                                  
 BASE METALS ARBITRAGE                            
 LME/SHFE COPPER             LMESHFCUc3    1116.15
 LME/SHFE ALUMINIUM          LMESHFALc3   -1818.49
 LME/SHFE ZINC               LMESHFZNc3     395.57
 LME/SHFE LEAD               LMESHFPBc3     -625.1
 LME/SHFE NICKEL             LMESHFNIc3    1536.64
 
($1 = 6.2760 Chinese yuan)

    
 (Reporting by Tom Daly; Editing by Subhranshu Sahu and Amrutha
Gayathri)
  
 
 
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